REGENEX REPORTS RESULTS
REGENEX REPORTS RESULTS MOUNTAIN LAKES, N.J., April 14 /PRNewswire/ -- Regenex, Inc.
(NASDAQ: RGNX) reported today the results of operations for the year ended Dec. 31, 1991. The company changed its year1991, as compared to net income of $4,862 on $1,031,182 of revenue for the two months ended Dec. 31, 1990, and as compared to net income of $166,042 ($.18 per share) on revenue of $6,083,505 for the year ended Oct. 31, 1990. The loss for the year ended Dec. 31, 1991, included a one-time writedown on inventory of $645,000 and reserves for bad debts of $467,000. Had the company not had these one time adjustments, the loss for the year ended Dec. 31, 1991, would have been approximately $150,000.
Revenue increased in 1991 despite the decrease in the price of glycol. Production increased to 2.75 million gallons in 1991 up from 1.62 million gallons in 1990. Regenex intends to begin construction of a pilot plant which will demonstrate the commercial feasibility of its latest technology which separates polyester polymer into its chemical components. Construction is anticipated to begin during the third quarter of 1992. Management has instituted cost cutting measures which should improve its profitability which will include, among other things, the renegotiation of its pricing on raw materials. -0- 4/14/92 /CONTACT: Barry Handelsman of Regenex, 201-316-2440/ (RGNX) CO: Regenex, Inc. ST: New Jersey IN: CHM SU: ERN
KD -- NY080 -- 8314 04/14/92 16:34 EDT
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|Date:||Apr 14, 1992|
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